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Current Mortgage Rates Today – Rates mixed as housing market improves

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5/1ARM Rates

(Best Syndication News) Mortgage interest rates edged higher today as the benchmarks began to move in the opposite direction (see the mortgage rate charts below). PNC and SunTrust raised their rates while KeyBank lowered them.

Benchmarks

A settlement announced by BP plc (ADR) (NYSE:BP) and the government didn’t help investor confidence; neither did reports that Europe is in a recession and the United States faces forced-austerity on January 1st if lawmakers are unable to reach an agreement on taxes and spending. The oil company still faces several other charges and fines before the Gulf oil spill is resolved.

A sharp increase in jobless claims last week put downward pressure on stock prices Thursday. There were 439,000 initial jobless claims, up from an upwardly revised figure of 361,000 the previous week, and above most forecasts between 388,000 and 475,000.

The Consumer Price Index (CPI) rose just 0.1 percent in October. This was in line with analyst expectations. The Core CPI – minus food and energy - was up 0.2 percent.

With global daily sales of $1 billion, Wal-Mart Stores, Inc. (NYSE:WMT) beat analyst expectation for earnings per share but fell short on revenue. A weak forecast for sales pushed the share price down more than three percent during the trading session. In the after-hours WMT slipped another ten cents to $68.62.

Wal-Mart’s chief competitor, Target Corporation (NYSE:TGT), didn’t disappoint. Their earnings beat analyst expectations and the leadership provided a better-than-expected forecast. The share price gained more than one percent during the session but dropped 0.24 percent in the after-hours. While WMT is the favorite among struggling lower and middle class families, the average income of the TGT shopper was $65,000 per year.

Despite improving home prices and sales in Orange County, the share price of California-based KB Home (NYSE:KBH) fell more than three percent Thursday. In the after-hours the stock was up one cent to $13.63. Federal Reserve Chairman Ben Bernanke told business leaders in Atlanta that the housing market has not recovered. The central bank will continue to keep their target rate low.

The Dow Jones Industrial Average (DJIA) fell more than 28 points. The S&P 500 and the NASDAQ slipped 0.16 percent and 0.35 percent respectively.

Data provided by the U.S. Treasury Department indicated that increased competition for government bonds and notes pushed prices higher and yields lower. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), fell one basis point to 1.58 percent (see the benchmark chart below).

Secondary lenders, including Fannie Mae and Freddie Mac, lowered their required net yield (RNY) rates. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 60-day RNY two basis points (bps) to 2.73 percent. The Federal National Mortgage Association (OTC:FNMA) lowered their rate two bps to 2.846 percent.

The London InterBank Offered Rate (LIBOR) was mostly unchanged. The 1-year LIBOR fell to 0.8595 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage advanced one basis point to 3.445 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage rate expanded two bps to 1.865 percent.

The average FHA loan rate fell less than one point to 3.944 percent. The average VA loan rate fell to 3.701 percent.

PNC Financial Services (NYSE:PNC) raised their conventional 30-year rate one basis point to 3.63 percent.

KeyCorp (NYSE:KEY) lowered their base rate two bps to 3.62 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage advanced two bps to 2.972 percent.

PNC didn’t change their 20-year rate; however the lender raised their 15-year rate two points to 2.87 percent.

KEY also raised their 15-year rate slightly to 2.98 percent.

The average 5-year adjustable rate mortgage (ARM) advanced to 3.082 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
11/15/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.55 Bond Buyer's 20-yr bond index 0 -12 -12 -40 3.55
2.69 FHLMC 30 yr 30 days RNY -2 2 5 -21 1.59
2.73 FHLMC 30 yr 60 days RNY -2 2 5 -22 1.68
2.82 FNMA 30 yr 30 days RNY -2 5 10 -31 2.635
2.846 FNMA 30 yr 60 days RNY -2 6 8 -32 2.68
0.2075 1 Month LIBOR Rate 0 0 -1 -4 0.2075
0.311 3 Month LIBOR Rate 0 0 -4 -15 0.31
0.523 6 Month LIBOR Rate 0 0 -9 -21 0.523
0.8595 1 Year LIBOR Rate 0 0 -10 -21 0.8595
2 Call Money 0 0 0 0 2
2.3 20-year Bond Yield Rate * -1 -4 -25 -2 2.11
1.58 10-year Note Yield Rate * -1 -3 -17 -7 1.43
0.17 1-Year Note Yield Rate * -1 -1 -1 -4 0.16
0.08 3-month Note Yield Rate * -2 -1 -3 -1 0.08
1.038 11th District Cost of Funds 0 0 -3 -10 1.038
2.220 Difference 3-mo & 20 yr ** 1 -3 -22 -1 2.01
1.865 Difference 10yr Note 30yr Loan 2 9 19 -21 1.641858
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
11/15/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.445% Average 30 yr fixed 1 6 2 -28 3.31%
3.944% Average 30 yr FHA 0 1 0 -29 3.81%
3.701% Average 30-yr VA 0 5 -8 -21 3.60%
2.972% Average 15 year FRM 2 5 -1 -25 2.92%
3.082% Average 5/1 ARM 0 1 -5 -12 3.06%
3.837% 30 Yr Fixed Jumbo 0 -2 -22 -44 3.78%
3.061% 15 Yr Fixed Jumbo 4 3 -7 -32 3.02%
11/15/12 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
2.79% 10 Year Fixed 2 10 26 2 2.44%
2.87% 15 Year Fixed 2 11 25 -2 2.48%
3.47% 20 Year Fixed 0 13 24 -4 3.14%
3.63% 30 Year Fixed 1 13 17 -11 3.33%
Certain Areas
2.94% 10 Year Fixed 0 15 38 0 2.44%
3.05% 15 Year Fixed 0 14 32 -11 2.49%
3.82% 20 Year Fixed 0 35 47 11 3.15%
4.00% 30 Year Fixed 0 12 39 14 3.35%
11/15/12 Key Bank 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.62% 30-yr Fixed Rate -2 6 -1 -23 3.49%
2.98% 15-yr Fixed Rate 0 1 -1 -20 2.89%
Adjustable Rate Mortgage
3.22% 10/1 ARM 4 9 5 -13 3.10%
3.01% 7/1 ARM 0 4 -4 -13 2.97%
3.01% 5/1 ARM -2 0 -8 -17 3.00%
3.57% 3/1 ARM -1 0 3 -5 3.43%
FHA Loans
3.49% 30-yr FHA -1 2 -10 -26 3.34%
3.55% 20-yr FHA -7 5 -9 -26 3.39%
3.69% 15-yr FHA 0 1 -8 31 3.31%
VA Loans
3.49% 30-yr VA -1 3 -10 -26 3.34%
3.50% 25-yr VA -1 3 -9 -25 3.35%
3.61% 20-yr VA -1 10 -2 -20 3.39%
3.81% 15-yr VA -9 3 1 45 3.31%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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